After several cycles of heavy losses, the Berlin-based club has posted a net profit of €385,000 for the first half of the 2025/26 season. Operating in the 2. Bundesliga, where revenue is naturally constrained, the club achieved this through rigorous cost discipline and a strategic reduction of its high-interest debt.
Financial Performance Breakdown
The club’s half-year figures reflect a leaner, more sustainable operational model:
- EBITDA: €4.1 million.
- Depreciation: €1.3 million.
- Net Interest Expenses: €2.4 million.
- Net Result: A positive balance of €385,000.
Debt Management: The Nordic Bond Buyback
A centerpiece of Hertha’s stabilization was the December 2025 repurchase of €21.2 million of its Nordic Bond. This move slashed the club’s outstanding bond debt to €18.8 million, significantly lowering annual interest burdens. While an equity deficit of €38.0 million remains, the structural reduction of external liabilities is a critical step toward long-term solvency.
Hidden Value in the Squad
One of the most striking aspects of the report is the valuation gap in player assets:
- Book Value: Currently recorded at just €1.6 million.
- Market Estimate: External estimates value the squad at over €59 million. This indicates massive “unrealized value potential,” meaning the club could generate significant future profits through strategic player transfers that are not currently reflected in the balance sheet.
“For the first time in a long period, we are able to report a slightly positive result. This shows that our consistent course is taking effect.” — Ralf Huschen, Managing Director of Hertha BSC.